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Sale of Home - Installment Sale
1
To report the sale of your main home on an installment contract in the TaxAct program, follow the steps below. 
Online
Dashboard
  1. From within your TaxAct return, click Income. 
    • On smaller devices, click the menu at the top left corner of your screen, then make your selection.
  2. Click the Explore More drop-down.
  3. Click Add beside Installment Sales. 
  4. Complete the rest of the interview process. 
Classic
  1. From within your TaxAct return, click Federal. 
    • On smaller devices, click the menu at the top left corner of your screen, then make your selection.
  2. Click the Investment Income drop-down, then click Payments received from an installment sale.
  3. Complete the rest of the interview process. 
Desktop
  1. From within your TaxAct return, click Federal. 
  2. Click the Investment Income drop-down, then click Payments received from an installment sale.
  3. Complete the rest of the interview process. 
 
By completing this section, you are calculating:
  • The gain or loss on the sale of your main home,
  • If a gain, how much will be excluded,
  • Total gross profit from sale (Form 6252, Line 16), and
  • Any installment sale income for current year (Form 6252, Line 26), which will be included with the amount on Schedule 1 (Form 1040), Line 4.
For more information, go to IRS Publication 537.